Expert Xu Ningning, who has spent many years studying Vietnam – China relations, especially practical cooperation areas such as economics, trade, and investment, said the visit is an important new milestone, demonstrating the closeness and connection between the two countries and contributing to deepening and promoting bilateral relations towards reaching new steps. The visit attracts the attention of the whole world.
New milestone in the relationship between the two countries
Referring to the significance and purpose of the State visit to Vietnam by General Secretary of the Communist Party of China Central Committee and President Xi Jinping, expert Xu Ningning stressed that over the past year, the President and Prime Minister of Vietnam successively made visits to China. With this visit by the top leader of the Chinese Party and State, the relationship between the two Parties and the two countries will reach a new development and the spirit of “good neighbours, good friends, good comrades, and good partners” will be deepened, with new achievements, receiving the attention of the whole world.
This is not only an important event in the relationship between the two countries but it also attracts the attention of the entire region and the international community. Through the visit, major directions for bilateral cooperation in the field of national and social governance, the political, economic, cultural, social, and humanistic cooperation, especially economic and trade cooperation, will be clearly shown.
With the guiding role of the two countries’ leaders, the economic and trade cooperation will contribute to promoting economic development and improve the lives of the people of each country more practically.
 |
Vietnamese pavilion at the China-ASEAN Expo 2023. (Photo: HUU HUNG) |
Comprehensive, practical and effective cooperation
Looking back at the results and progress of Vietnam-China relations over the past year, Xu Ningning said that the two Parties and Governments of the two countries have actively implemented the important common understanding that senior leaders have reached. The two countries will further promote comprehensive and in-depth cooperation and friendly neighbourliness, and the economic and trade cooperation will enter a new stage of development.
The results of cooperation have been shown in many aspects including building socialist institutions in line with each country's situation; governing the country and persevering in development under the Party's leadership, and put the people at the centre. China and Vietnam can learn and refer to each other, because they have many important common views.
Regarding economic and trade cooperation, a highlight in the two countries’ relationship, Xu Ningning assessed that bilateral trade in the first ten months of 2023 soared by 3.3% over the same period last year. This is a positive growth rate in the context of slowing global economic growth, especially the disruption and stagnation of global trade. This increase is higher than the growth rate of trade between China and ASEAN (only 0.9%).
 |
Vietnamese durian showcased at a trade promotion event in Tianjin City, China. (Photo: HUU HUNG) |
The economic and trade complementarity between China and Vietnam is massive. In recent years, especially over the past year, more and more Chinese businesses have realised business opportunities in Vietnam and invested in Vietnam. In the first ten months of 2023, Chinese enterprises ranked first in terms of the number of investment projects in Vietnam.
In addition, the two sides have continuously promoted people-to-people exchanges and cooperation in several fields, such as youth exchange, education, and media. Through people-to-people exchange activities, cooperation between the two countries is increasingly effective with a solid political and economic foundation. The two sides jointly foster multilateral cooperation and free trade while bringing regional economic cooperation to new strides. Bilateral cooperation also benefits from the effectiveness of the RCEP agreement and the upgrading of the China-ASEAN Free Trade Area.
Opening up good prospects
Xu Ningning assessed that China and Vietnam are both friendly neighbours and important trading partners of each other, and they have many advantages such as economic development, defined as the most important pillar of both countries, the achievement of common awareness, and the establishment and implementation of many cooperation mechanisms. Enterprises of the two countries are also very dynamic and creative, while transportation is convenient with smooth connection. Xu Ningning said that the visit by General Secretary and President Xi Jinping will open up good prospects for bilateral economic and trade cooperation to boost complementarity and utilise unique potentials and advantages.
The Chinese expert also recommended that ministries, sectors, localities, and especially businesses of both sides need to act on the common understandings reached by both sides during the visit. He also suggested adjustment of the structure of industry and professional cooperation to cope with the problem of broken industry chains, thereby optimising the trade and investment structure between the two countries.
 |
| Xu Ningning answers questions from a Nhan Dan Newspaper reporter. (Photo: HO QUAN) |
In addition, Xu Ningning proposed that businesses of the two countries should actively connect and cooperate for mutual development. It is also advisable to promote the role of industry associations in fostering cooperation between businesses and strengthening people-to-people exchanges, creating an environment and social foundation for economic and trade cooperation.
“The China-ASEAN Business Council and RCEP Industrial Cooperation Committee are actively boosting regional economic cooperation, including with Vietnam and supporting all parties to seize the opportunities that RCEP brings about. On the occasion of the 2nd anniversary of the effectiveness of RCEP, we hope that China and Vietnam will demonstrate motivation and sustainability in effectively exploiting the RCEP agreement and the region’s economic growth potential” - Xu Ningning stressed.
